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0 sats \ 1 reply \ @SimpleStacker 19h \ parent \ on: HOLDING BITCOIN BACK - The MoE situation 💰🤝💵 bitcoin
I understand where you're coming from, but I don't actually see it this way.
IMO, Bitcoin is not a currency for a doomsday scenario. If the economy has whittled down to the bare necessities for survival and critical industrial components, then I don't think that is a society that needs Bitcoin, since Bitcoin sits on top of a well functioning communications infrastructure.
Bitcoin is, IMO, a currency for an economically flourishing society that wants to have better incentives and a stable savings unit. Thus, I think it makes sense to push for more adoption in goods like coffee, consumer goods, etc.
Just my two cents.
I do not mean absolute doomsday, but merely mean commodities which are almost as essential in doomsday as in good days. And that is why the focus is on quality over quantity.
Do you care about houses, electricity, oil, copper, aircraft sales being settled on Bitcoin?
Or about latte or ice cream sales?
Probably you will say both, but still the former is more important (in my opinion) than the later. And that is where more changes are happening, as deals are being signed to settle Miami condo sales in Bitcoin, as Emirates (one of the largest airliners in the world) will accept Bitcoin soon.
Quality over quantity, remember?
Bitcoin, as a movement, is very grassroot in nature, which is great. But on average, for most trends, the top of wealthy catches up far ahead of the masses, and those wealthy ones express their choice, in this case their choice of money.
When currencies hyper-inflate (Zimbabwe, Argentina, Venezuela) then eventually the economy dollarises to a large extent. But who adopts dollar first? Is it the man on the street selling Banana? No, it is the large businesses, and wealthy ones. They do not even necessarily accept dollar as medium of exchange, but they
- Convert much of their local savings to dollars or other international assets
- If they already earn dollar from exports or international businesses, try to keep the dollar itself instead of repatriating to the local currency
And all these happen well before the man on the street has a clue about these happening.
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